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Byju’s founder pledges homes to raise funds for staff salaries
![IndiaTimes]()
Monday, 4 December 2023
Byju Raveendran, founder of Byju's, pledged his family's homes in Bengaluru and an under-construction villa in Epsilon as collateral to borrow $12 million to pay salaries to employees. The company is fighting to keep afloat amid financial pressures, including a legal battle with creditors over a missed interest payment on a $1.2 billion term loan. Raveendran has raised personal debts of $400 million and plowed back $800 million into the company. Byju's recently sold its US-based kids' digital reading platform for about $400 million.
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Monday, 4 December 2023
